Always keep one eye on the VIX

check out the technical analysis for Alibaba in the link below

In the chart below you can see daily candles on VIX futures. Notice how the price is near a strong support level. In the past VIX bounced off this level strongly as it's price action has been traveling in an upward trending price channel for several months. Will the VIX bounce off the support level and bring spy Futures down further? Or will the VIX finally break below the support level so the equity markets can finally start climbing again?

Here is a much closer look for all you short-term traders. In the chart below we have four hour candles. Notice how we are near previous lows from several days ago. This is a very weak horizontal support.